The addition of around 3,000GW of renewable energy installed by 2030 is required for the planet to meet the goals of the Paris Agreement.
That’s according to a new report by the UN Environment Programme (UNEP), the Frankfurt School-UNEP Collaborating Centre and BloombergNEF (BNEF) which analysed investment trends and clean energy commitments made by countries and corporations for the next decade.
The analysis suggests the planned investments fall far below the $2.7 trillion (£2.1tn) committed to renewables during the last decade.
The findings also reveal commitments equivalent to 826GW of new non-hydro renewable power capacity, at a likely cost of around $1 trillion (£790bn) by 2030.
However, the report shows that the cost of installing renewable energy has hit new lows, meaning future investments will deliver far more capacity per dollar spent.
Inger Andersen, Executive Director of UNEP, said: “This research shows that renewable energy is one of the smartest, most cost-effective investments they can make in these packages.”
Svenja Schulze, German Minister for the Environment, Nature Conservation and Nuclear Safety added: “By promoting renewable energies within the framework of Coronavirus economic stimulus packages, we have the opportunity to invest in future prosperity, health and climate protection.”